Elizabeth Owens, senior vice president of BPG who negotiated the deal for her firm, says the acquisition fits BPG's requirements. "We view this acquisition as an opportunity to purchase a well-located retail center at a below replacement cost pricing of $81 per sf and an attractive capitalization rate in the mid-9% range," she says.
She adds, "At that price, the asset should provide our investors with substantial cash flow, while allowing us to enhance the value of the center through proactive management and re-leasing." BPG's assets total $384 million.
A Winn-Dixie supermarket anchors Southchase Village. Other tenants are Bealls, Tuesday Morning, Eckerd Drugs, World Gym and a local theater. The property is in a densely populated area along South Orange Blossom Trail (US 441 South).
Whitney Knoll and Chris Decoufle of Trammell Crow Co. represented Sosha Property Investments, a TAM corporation. TCC will manage Southchase Village for BPG. Scott Crossman and Scott Renick of Crossman & Co., Orlando, are the leasing agents.
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